Applied Industrial slashed its outlook for the year ending
June 2009 for the second time in three months, saying its prior
forecast was "unattainable." [ID:nWNAB3450]

"Though prices of steel, scrap and fuel have fallen, and in
some cases dramatically, we have not seen any movement by our
suppliers to reduce their prices to us," Applied Industrial
said.

The distributor of bearings, power transmission components
and industrial rubber products said consumer demand continues
to decline, and there are inventory adjustments occurring
throughout the supply chain. [ID:nBNG313865]
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